Pancreta Bank on Monday signed an in-principle agreement with HSBC Continental Europe for the purchase of HSBC branch operations in Greece.
The completion of the transaction is subject to approvals by the Bank of Greece and the Hellenic Competition Commission. According to the terms of the agreement after the completion of the potential transaction, all assets and liabilities, human resources and the network of 15 HSBC branches in Greece are expected to be transferred to Pancreta Bank SA. The HSBC branch network is complementary to Pancreta Bank’s presence in Athens, which is thus significantly increased.
Pancreta Bank’s Capital Adequacy Ratios are expected to be strongly enhanced post completion and further following Pancreta’s upcoming capital increase which is contemplated for the second quarter of 2022. The potential transaction would be expected to complete in the first half of 2023.